Core Insights - SteelPeak Wealth has established a new strategic relationship with BNY Pershing for clearing, custody, and technology services, enhancing its operational capabilities for financial advisors [3][2] - The firm currently manages over $4.2 billion in client assets, indicating significant growth and client trust [3] - SteelPeak Wealth has a multi-custodial setup, continuing its partnerships with Charles Schwab, Fidelity Investments' NFS, and Interactive Brokers [2] Company Overview - SteelPeak Wealth is a Los Angeles-based registered investment advisor backed by Emigrant Partners, focusing on advisor-centric operations [3] - The firm offers a range of services including investment management, insurance, estate planning, and tax consulting [4] - In October, SteelPeak Wealth launched a family office division aimed at high-net-worth individuals and families, and also has a sports division specializing in wealth advice for athletes [4]

Core Insights - Apollon Wealth Management, based in Mount Pleasant, S.C., is set to acquire The Motley Fool's wealth management division, with the deal expected to close in 2026. Apollon currently manages over $8.65 billion in assets [1] - Motley Fool Wealth Management manages approximately $1.5 billion in client assets and has eight financial advisors along with 15 other employees. The firm was established in 2014 to leverage Motley Fool's retail investor base [2] - Post-acquisition, Apollon will enhance its offerings in financial planning, investments, and related wealth services, including estate planning. The division initially started as a robo-advisor but transitioned to providing human advisors for clients with assets of $300,000 or more [3] Company Details - The current leadership of Motley Fool Wealth Management includes Interim President Megan Brinsfield, who has been with the firm since 2014. The future role of Brinsfield post-acquisition remains unclear [4] - Oppenheimer & Co. Inc. served as the financial advisor for the acquisition, while Dechert LLP acted as legal counsel for Motley Fool Wealth Management. Merchant Investment Management holds a minority stake in Apollon [5]

Core Insights - Estate planning is essential for everyone, regardless of age or wealth, as it prevents the state from controlling asset distribution and causing complications for loved ones [1][2] Group 1: Importance of Estate Planning - Estate planning is not limited to creating a will; it also involves designating beneficiaries for assets such as retirement accounts and life insurance [2] - Establishing powers of attorney is crucial for allowing trusted individuals to make financial or medical decisions if one becomes incapacitated [2] Group 2: Role of Trusts - Trusts are significant in estate planning, providing benefits like privacy, flexibility, and avoidance of prolonged probate procedures [3] - Trusts can set specific conditions on inheritances, which is beneficial for protecting younger beneficiaries or those needing special support [3] Group 3: Benefits of Estate Planning - Effective estate planning offers clarity and peace of mind by clearly communicating intentions, reducing family conflicts, and alleviating stress during difficult times [4]

Core Insights - Tax planning is becoming a critical advisory service, with nearly 70% of high-net-worth clients prioritizing tax reduction, yet less than half of advisors currently offer this service [2][4] - The demand for integrated wealth management that includes tax strategy in every decision is increasing, shifting from a value-add to a necessity [5] - Advisors are facing evolving client inquiries regarding the impact of new tax laws on various financial aspects, indicating a need for more sophisticated tax planning [6] Industry Trends - Americans paid over $206 billion in capital gains taxes last year, highlighting the significant financial impact of tax planning [2] - A growing emphasis on transition management is noted, particularly when clients bring 401(k)s in-house, which can lead to substantial capital gains taxes if not managed properly [5] - Only 53% of advisors working with clients holding $5 million or more offer tax planning services, compared to just 38% for those with clients under $100,000 [7] Advisory Practices - Traditional tax planning methods are evolving from end-of-year tax-loss harvesting to more frequent management, such as monthly or weekly strategies [4] - Firms are hesitant to invest in the necessary expertise for effective tax planning, viewing it as a costly endeavor despite the potential for performance gains being eroded by taxes [4] - The need for advisors to adapt to the changing landscape of client expectations and regulatory impacts is emphasized, with a call for a more proactive approach to tax strategy [6]